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AT&T* announced today that it has agreed to sell its incumbent local exchange operations in Connecticut to Connecticut-based Frontier Communications for $2.0 billion in cash. The transaction includes wireline network assets and consumer, business and wholesale customer relationships.
Frontier provides communications services to residential and business customers across 27 states today. With the transaction, Stamford-headquartered Frontier will now have operations to provide communications service to customers in the State of Connecticut.
AT&T remains committed to having a significant presence in Connecticut, with employees, operations and investment to provide wireless service on the nation’s fastest and most reliable 4G LTE network**, and networking, application solutions and professional services for Connecticut business customers.
“This is a good business decision for both companies, good for customers and good for Connecticut,” said Patricia Jacobs, President-AT&T New England. “We will continue to invest in Connecticut to serve our wireless and business customers, will maintain a significant employee presence here and will continue to be involved in the community. The fact that Frontier is headquartered in Connecticut will help ensure a smooth transition for customers and employees.”
The sales proceeds will, in part, be used to further AT&T’s plan to transform its operations — through Project VIP — to an all-IP, wireless and cloud network. With Project VIP, AT&T plans to expand its 4G LTE network to 300 million people across the U.S. and, in its remaining 21-state wireline service area, to expand U-verse high speed Internet and video services to more customer locations, and deploy its fiber network to more business customer locations.
About 2,700 wireline employees supporting AT&T’s operations in Connecticut will transfer with the business to Frontier at the close of the transaction. Frontier has agreed to honor the existing collective bargaining agreement for employees represented by the Communications Workers of America.